FISCAL NOTE

Date Requested: January 21, 2019
Time Requested: 01:35 PM
Agency: Motor Vehicles, WV Division of
CBD Number: Version: Bill Number: Resolution Number:
2366 Introduced HB2546
CBD Subject: Human Rights, Motor Vehicles, Taxation


FUND(S):

Road Fund

Sources of Revenue:

Special Fund

Legislation creates:





Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


The purpose of this bill is to exclude the value of durable medical equipment or mobility enhancing equipment when determining the value of the vehicle for imposition of the tax on the privilege of effecting the certification of title of the vehicle. The Division estimates there are 18 vehicles per year that have medical equipment added. The Division further estimates the average value of the added medical equipment is $20,000 per vehicle. The would produce a reduction in revenue to the agency of $25,200 (18 x $20,000 x 7%).



Fiscal Note Detail


Effect of Proposal Fiscal Year
2019
Increase/Decrease
(use"-")
2020
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 0 0
Personal Services 0 0 0
Current Expenses 0 0 0
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 0 0
2. Estimated Total Revenues 0 -25,200 -25,200


Explanation of above estimates (including long-range effect):


$20,000 Average Value 18 Transactions Per Year $360,000 Total Taxable Value 7% Tax Rate $25,200 Revenue Reduction



Memorandum






    Person submitting Fiscal Note: Raeann Kriner
    Email Address: raeann.k.kriner@wv.gov